Slovnaft to invest US$500 mln for upgradation of petrochemical unit by 2020

17-Nov-16

Slovakia's biggest oil refinery Slovnaft, owned by Hungary's MOL, plans to invest US$500 mln by 2020 to upgrade its petrochemical unit to diversify away from fuels, where demand is expected to decline, its chief executive said on Tuesday he investment is part of MOL's strategy to invest US$4.5 bln in petrochemicals by 2030, as per Reuters.
Slovnaft aimed to increase the share of non-fuel production to 50% from the current 10-15%. The refinery's throughput is 124,000 bpd.